As we pass the midpoint of the year, we’re pleased to share an in-depth look at two significant acquisitions that expanded our portfolio in high-growth markets across the United States in early 2025. These acquisitions marked deliberate progress in PPR’s 2025 expansion—part of our conservative approach to building a diversified, income-producing portfolio across stable, high-demand markets.
With these acquisitions, PPR continues to expand its geographic footprint, and these properties reflect a deliberate approach to investing in stable, high-quality assets in markets with strong long-term fundamentals.
Below is a closer look at these deals and how they align with our disciplined approach to value creation and geographical diversification.
Tapping Into Long-Term Housing Demand with Build-To-Rent
In March 2025, we made our first strategic entry into the build-to-rent (BTR) sector with the $87MM acquisition of Highline at Knoxville (Tennessee). This investment marked a pivotal moment in PPR’s growth trajectory and included $26.6MM in total equity invested, with PPR contributing $25MM (95% of equity).
This acquisition also included both Phase I and Phase II of the community:
- Phase I: 110 detached homes currently in lease-up
- Phase II: 151 townhomes and detached homes to be developed
All units feature private yards, garages, and three or four bedrooms, offering residents high-quality housing options in a market with significant demand. Phase I, delivered in 2023, is expected to stabilize in mid-2025, and Phase II will commence construction immediately with delivery scheduled in tranches during the 2026-2027 period.
Highline at Knoxville marked PPR’s official entry into the BTR sector, aligned with our long-standing commitment to sustainable returns and risk management. While non-performing loans remain central to our strategy, these acquisitions reflect a broader approach of combining stable debt income with selectively underwritten equity investments to balance growth and downside protection.
New Market, Same Strategy: Finding Value in Milwaukee
Further diversifying our geographical footprint, PPR announced the $38.3MM acquisition of The Villas at Foxwood, a 232-unit townhome-style multifamily community located in Brown Deer, Wisconsin, approximately 15 minutes northwest of downtown Milwaukee. This acquisition represents PPR’s first investment in the Milwaukee Metropolitan Area and our expansion into the upper Midwest region.
The property offers premium amenities, including:
- 21 acres of well-positioned real estate
- Private entrances, attached garages, and in-unit laundry
- Current rental rates below market value, presenting a strong value-add opportunity
The investment structure includes a total equity investment of $19.4MM, with PPR contributing over $18MM as the primary equity partner, working alongside Archstone Capital as the General Partner and Harmoniq Residential as both Co-GP and property manager. This expansion into the Midwest region reflects our disciplined framework where growth is intentional, risks are carefully managed, and every asset is underwritten to preserve long-term investor value.
Looking forward
Together, these acquisitions align with our broader strategy of blending recession-resilient debt investments with targeted equity positions in durable rental housing. Additionally, they reflect PPR’s ongoing commitment to stable, long-term growth and thoughtful portfolio diversification. We continue to seek out high-quality assets in growing markets, not for speculation, but for dependable, risk-adjusted returns.
As we continue to expand into multifamily and build-to-rent opportunities, our focus remains the same: protect investor capital, maintain consistent income, and stay aligned with the conservative strategy that has earned our investors’ trust. This measured growth enhances portfolio resilience and reinforces our mission to deliver consistent, long-term performance while prioritizing investor security.
To see how these acquisitions fit into PPR’s long-term growth strategy and what it could mean for your portfolio, connect with our investor relations team.
